Morningstar Report

Report as of 03 Oct 2021

VT Gravis UK Listed Property Feeder Fund F GBP Unhedged Income

Morningstar® Category Morningstar® Benchmark Fund Benchmark Morningstar Rating™ Property - Indirect Other Not Categorized Not Benchmarked Not Rated Used throughout report

Investment Objective Performance

The investment objective is to achieve income and capital 139 growth through investment in the VT Gravis UK Listed 126 Property (PAIF) Fund. 113 100 87 74

2016 2017 2018 2019 2020 2021-09 - - - - -5.44 17.69 Fund

Risk Measures Trailing Returns % Fund Quarterly Returns % Q1 Q2 Q3 Q4 3Y Alpha - 3Y Sharpe Ratio - 3 Months 4.78 2021 2.57 8.91 5.35 - 3Y Beta - 3Y Std Dev - 6 Months 13.77 2020 -19.62 9.16 -0.81 8.65 3Y R-Squared - 3Y Risk - 1 Year 25.18 2019 - - - - 3Y Info Ratio - 5Y Risk - 3 Years Annualised - 2018 - - - - 3Y Tracking Error - 10Y Risk - 5 Years Annualised - 2017 - - - - 10 Years Annualised - Data as of 01/10/2021

Portfolio 31 Dec 2020

Asset Allocation % Net Equity Style Box™ Mkt Cap % Fund America Europe Asia Large Size Stocks 66.27 Giant 0.00

Bonds 0.00 Mid Large 12.83 Cash 2.20 Medium 58.37 Other 31.53 Small Small 24.66

Value Blend Growth Micro 4.14 Style

Average Mkt Cap (Mil) Fund Ave Mkt Cap GBP 2,213.88 <25 25-50 50-75 >75 Top Holdings Stock Sector Weightings % Fund World Regions % Fund Holding Name Sector % hCyclical 100.00 Americas 0.05 Segro PLC u 8.49 rBasic Materials - United States 0.05 Tritax Big Box Ord - 7.35 tConsumer Cyclical - Canada 0.00 UNITE Group PLC u 6.78 yFinancial Services - Latin America 0.00 Grainger PLC 5.80 Real Estate 100.00 u u Greater Europe 99.95 Assura PLC u 5.73 jSensitive 0.00 United Kingdom 99.95 Urban Logistics REIT Ord - 5.67 iCommunication Services - Eurozone 0.00 Safestore Holdings PLC... u 5.57 oEnergy - Europe - ex Euro 0.00 Big Yellow Group PLC u 5.41 pIndustrials - Europe - Emerging 0.00 LondonMetric Property PLC u 4.90 aTechnology - Africa 0.00 GCP Student Living Ord - 4.89 Middle East 0.00 kDefensive 0.00 Assets in Top 10 Holdings % 60.60 sConsumer Defensive - Greater Asia 0.00 Total Number of Equity Holdings 0 dHealthcare - Japan 0.00 Total Number of Bond Holdings 0 fUtilities - Australasia 0.00 Asia - Developed 0.00 Asia - Emerging 0.00

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VT Gravis UK Listed Prpty Fdr F £ UnHInc

Operations

Fund Company Valu-Trac Investment Share Class Size (mil) 4.30 GBP Minimum Initial Purchase 100 GBP Management Limited (01/10/2021) Minimum Additional Purchase 100 GBP Phone 01343 880344 Domicile United Kingdom Total Expense Ratio - Website www.valu-trac.com Currency GBP Ongoing Charge 0.70% Inception Date 31 Oct 2019 UCITS No Performance Fee - Manager Name - Inc/Acc Inc Manager Start Date 31 Oct 2019 ISIN GB00BKDZ8V85 NAV (01/10/2021) GBP 1.13 Total Net Assets (mil) (31 21.66 GBP Dec 2020)